Ask HN: Why are HN users so against Bitcoin? | Hacker News Reader

Ask HN: Why are HN users so against Bitcoin?

4 pointswebsap8 comments

I understand the crypto-currency market saw a sudden increase of capital which lead to scams and fraud. While this is terrible, but this is a side-affect of new technology, even something as old as email, still has this problem. People even today get scammed over email by bad actors pretending to be the Government or some other entity.

I'm not talking about crypto-currency at large, but just bitcoin.

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> this is a side-affect of new technology, even something as old as email, still has this problem

Bitcoin isn't perfect. For one, it's not anonymous, and was never designed for privacy / anonymity. Monero on the other hand is anonymous and more like paying in cash. Of course even that has issues, in that at some point you need to interact with an exchange to cash out your Monero to fiat, and that leaves paper trails.

You could, in theory only transact in Monero and not use fiat at any point. But good luck buying a house in anonymous cryptocurrency where the transaction is set in stone and can't be reversed.

I don't think it is very against, but in HN, and most discussion plataforms, the comments in all posts tend to be on the more critic side. Because agreement comments maybe don't add much.

Also echos from institutions and corporate media, until the mainstream can profit from bitcoin the majority of news headlines will be critical of it, and those will invariably get posted on HN manually or automatically

I can only speak for myself. But I was aware of the ideology and technological background from the very early days.

I understand precisely what the original movement was trying to achieve, and do not respect it on an ideological level. I find the anarcho-capitalist ethos to be both repugnant and ignorant.

But it was also funny trying to watch anarcho-capitalist wishful thinkers repeatedly try to circumvent the legal system only to bump up against the brute reality that property rights are only enforced by law.

And building Rube Goldberg systems to replicate all that we do now, but worse, and then still be entirely at the mercy of the law, and also at the mercy of so many other new risks... well... it is almost darkly humorous if it weren't for all the scam victims.

My guesses:

1. Hate for the energy waste

2. Thinking/realizing that it has no significant benefits compared to classic currencies

3. Hating that they missed out

I think #3 is the prime reason, tbh

It is shocking how high the transaction costs are. Bitcoin ETFs don't track Bitcoin accurately at all because they can't afford to make the trades in order to keep them in sync.

It's #3 by far, then all the other issues thereafter.

Now I thought of another:

4. It's the dump phase, so all current outbursts are negative

(Currently it's the pump phase, though)

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